reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Fernand de Boer
What's Cooking? - Exploring strategic options, Savoury for sale
What's Cooking is exploring strategic options to create value and hasstarted discussion to sell its Savoury activities We welcome this move. The processed meat market has limited growthpotential, overcapacity and no pricing power. Given the marketcharacteristics we expect low proceeds. But even taking this into account,the full focus on Ready Meals, which is more stable, has more growthopportunities and higher margins, should create significant value. We upgrade to BUY raising our 12 TP...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Fernand de Boer
What's Cooking? - EBITDA beating, dividend raised
2023 results exceeded our estimate on EBITDA. Sales and net profit came in below. Company surprises with a 7% increase in dividend, all in cash and no longer a script dividend. This clearly illustrates its confidence. Based on the 2023 results we will raise our EBITDA estimates by some 5%We maintain our Hold rating, expecting a positive share price reaction today. Valuation is undemanding, but visibility and liquidity are very low
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? FIRST LOOK – Nice 1H results, rating upped despite som...
The share price of What's Cooking? decreased sharply after they decided not to proceed with the acquisition of Sigma's operations in Belgium (Imperial) and the Netherlands (Stegeman). We now maintain our € 95 Target Price but increase our rating for What's Cooking to Accumulate (was Hold) after a good set of results knowing that -despite the challenging macroeconomic environment with continued cost inflation of raw materials, labour costs & ingredients- What's Cooking? remains confident that its...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Lewi
- Fernand de Boer
What's Cooking? - Results in line thanks to good cost control
H1 23 underlying EBITDA came in line with our estimate, despite the lower-than-expected sales. Also net debt was in line with our estimate Company expects 2023 underlying EBITDA between 2021 and 2022 levels. Our estimate of EUR 46m is at the mid-point. Hence, we expect to only fine-tune our estimatesWe maintain our Hold rating. To reflect the lower market valuations we lower our TP from EUR 95 to EUR 85
Gobarto S.A.: 1 director
A director at Gobarto S.A. bought 18,149 shares at 17.600PLN and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Wim Hoste
- Guy Sips
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Michiel Declercq
- Olivier Vandewoude
- Wim Hoste
Morning Note: EKOP BB, GIMB BB, LOTB BB, SIP BB, TERB BB, UMI BB
Ekopak: Making steps for (and expanding) ‘Waterkracht’ Gimv: Takes 30% interest in Picot Lotus Bakeries: Let's bake the future Sipef: AGM: approves dividend of € 2.0 ps Ter Beke: Offering its shareholders an optional dividend Umicore: European Parliament rules to stop ICE sales in 2035
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Olivier Vandewoude
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Morning Note: ABI BB, ARGX BB, CFEB BB, FFARM NA, IBAB BB, INTO BB, RE...
AB InBev: 1Q EBITDA +7.4%, FY guidance of +4-8% kept Argenx: Q1 results: The commercial rise of Vyvgart CFE: DEME: preparing for US offshore wind market ForFarmers: Substantially higher prices for raw materials IBA: Receives first order from CGNNT for a P+ solution IO&W: 1Q22 – Lease cancellation boosts profit Recticel: Baltisse acquires additional 4.36% call option Sofina: Price Correction Presents Favourable Entry Point Ter Beke: Next steps in important acquisition process Various: DTPL – Feed...
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Morning Note: ASC BB, BALTA BB, BEKB BB, BPOST BB, COFB BB, CRBN NA, ...
Ascencio: Portfolio Resilience Leads to Earnings Beat Balta: FY EBITDA +28% Bekaert: FY21 EBIT +89%, dividend upped and SBB bpost: 4Q21: Strong results and solid outlook Cofinimmo: FY21, a tad light, but discounted Corbion: FY21 results fall short, also guidance a bit light Galapagos: Onwards to FY22 with Jyseleca and Dr. Paul Stoffels Home Invest Belgium: FY21 beats our expectations on cost Hyloris: The Multi-Trick Pony Mithra: A glimpse on Estelle’s US performance Qrf: One Step Closer To Recov...
- Guy Sips
- Jeroen Van Den Bossche
- Olivier Vandewoude
- Thomas Couvreur
- Wido Jongman
- Wim Hoste
- Wim Lewi
Morning Note: ABN NA, DSM NA, EURN BB, FLOB BB, IVA FP, INTO BB, RAND ...
ABN Amro: Selling AAV Life Insurance stake to NN Group DSM: 4Q adj. EBITDA beat of 5%, FY22 guidance in line Euronav: Welcoming back an old friend Floridienne: The fairy tale of ‘The Bee’ and ‘The Unicorn’ Inventiva: 2021: Increased cash burn due to Native3 trial IO&W: FY21 Results, Positive Guidance Randstad: 4Q21: Again comfortably beating expectations Resilux: Quvadec(Quva) acquires De Cuyper Family’s shares Ter Beke: RawMat issues and issues with important client Xior: Fervet opus
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